Reuters: Bankruptcy News: Scottish Coal liquidators say in talks over parts of business

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Scottish Coal liquidators say in talks over parts of business May 3rd 2013, 16:33 LONDON | Fri May 3, 2013 12:33pm EDT LONDON May 3 (Reuters) - Liquidators for Scottish Coal, KPMG, said on Friday they were in talks regarding the possible sale of parts of the business. The company ran out of cash last month, putting 600 jobs at risk and closing mines that are major suppliers to Britain's power stations. "Over the last few days we have been in discussion with a variety of parties who have expressed an interest in the business or more precisely certain parts of it," accountancy firm KPMG said. No names were disclosed. Last month Hargreaves Services, Britain's second biggest producer of coal, raised 42 million pounds ($65.39 million) to buy rival operations and develop new mines. Venture capitalist John Moulton's company Better Capital has been reported to be in talks to buy coal miner ATH Resources, which went into administration late last year. Britain's coal industry is struggling to survive in the face of competition from imports and rising costs. Its largest producer, UK Coal, said this week it was in talks with creditors to save 2,000 jobs and keep mines open that supply large utilities such as Drax, Scottish and Southern Energy and subsidiaries of E.ON and RWE. Link this Share this Digg this Email Reprints

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